To standardise its equity management, the company plans to conduct several equity transfers between its subsidiaries.

On 9 July, the board of the company approved Qingdao Aucma Assets Management Co. Ltd to acquire a 100% stake in Qingdao Aucma New Power Auxiliaries Co. Ltd and Qingdao Auyuan Battery Co. Ltd without consideration.

Meanwhile, the company will acquire a 20% stake in Qingdao Aucma Commercial Auto-Facility Co. Ltd for RMB 9.08 mln from Qingdao Aucma New Power Technology Co. Ltd and sell a 95.51% stake in Aucma New Power Technology for RMB 180 mln to Aucma Assets Management. Following these equity transfers, Aucma Assets Management will hold a 100% stake in Aucma New Power Technology.

Aucma Assets Management was established in May 2007 with registered capital of RMB 20 mln and has been focusing on overseas investments. Aucma New Power Technology was established in January 2001 with registered capital of RMB 260 mln.

Source: Security Times

Date: 10 Jul 2008

CN01/NW/MZ/BT/WH